Published 01 Jul 2013
Income protection insurance claims and income disability insurance claims in NSW has been designed to provide indemnity for income foregone by individuals who cannot work and earn as a result of injury or illness. The benefit constitutes up to 75% of an individual’s gross income after compensation. If you are self-employed then the compensation is based on a fraction of your profits while the figure for directors will be based on PAYE and dividends.
Are there Options for Income Protection Insurance Claims and Income Disability Insurance Claims?
Yes. In NSW, there are quite a number of options that are available. Basically, the option taken depends on your payment ability. The common options include:
The shorter the waiting period, the higher the premium paid. In some policies you can lodge the claim immediately.
The policy documents for different insurance policies vary in complexity but it is not uncommon to be presented with a 30-page document. However, Gerard Malouf & Partners are aware of the contents of these documents and they will assist you through the process.
Many group insurance policies provide automatic cover for the members in case of inability to earn because of injury or sickness without any health questions. Private policies, on the other hand, provide cover with health questions.
Duty of Disclosure
According to the requirements of most income protection insurance policies you need to disclose to the insurer about your preexisting illnesses. If you don’t disclose this information then the insurers will definitely not pay you. However, you can seek help from our solicitors to help you lodge a claim even if you hadn’t disclosed this information before.
Benefits of Income Protection Insurance Claims
Income protection insurance claims presents a number of benefits:
Depending on the wording of the income protection insurance claims policy you have taken, you may lodge a partial income disability insurance claim and still go back to work if your injury was not very serious.
Contact us today for any legal advice and assistance and lodging a claim!